UAE-based finance and human resources fintech Qashio raised $2.5 million in a pre-seed round, led by venture capital firm MSA NOVO.
The money will be used by the firm to expand its operations team and customer support, and improve current features and integrations with rewards programs, MAGNiTT reported.
Qashio is designed to help finance and human resources departments have greater control over expense reporting, visibility, and cash flow.
“Businesses in the MENA region have been operating with limited ability to issue cards and manage employee expenses,” Jonathan Lau and Armin Moradi, Co-founders of Qashio, told MAGNiTT.
Qashio has over fifty customers across UAE and Saudi Arabia.
Those participating in the round included Rally Cap Ventures, Palm Drive Capital, and Plug and Play Ventures.
Executives from Grubtech, Danske Bank, Two Sigma, and Xiaomi also took part.